GBP/USD: Downward momentum expected to increase – UOB – by pabspiovano GBPUSD Currencies Majors Banks
risks a deeper decline in the near term, suggest UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang.24-hour view: “We highlighted yesterday that ‘there is room for GBP to move below 1.2000 but any weakness is viewed as part of a lower trading range of 1.1980/1.2060’. We did not anticipate the elevatedas GBP dropped to 1.1962, rebounded sharply to 1.2095 before closing at 1.2050 . The price movements are likely part of a broad consolidation range.
Next 1-3 weeks: “Our update from two day ago is still valid. As highlighted, further increase in downward momentum suggests more GBP weakness but it remains to be seen if the significant support at 1.1845 will come into view. Overall, only a breach of 1.2150 would indicate that the weakness in GBP that started late last week has run its course.”Information on these pages contains forward-looking statements that involve risks and uncertainties.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
GBP/USD still risks further losses in the short term – UOBExtra decline in GBP/USD remains well on the cards for the time being, note Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia at U
Read more »
GBP/USD faces further weakness near term – UOBFurther losses in GBP/USD in the next weeks remain on the cards, according to Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group
Read more »
GBP/USD may heavily test 1.2000 soon – INGGBP/USD fell sharply in the second half of the previous week and touched its lowest level in a month at 1.2033. Economists at ING expect the pair to c
Read more »
GBP/USD sticks to modest recovery gains above mid-1.2000s, upside potential seems limitedThe GBP/USD pair attracts some buyers near the 1.2030-1.2025 region and stages a modest recovery from a one-month low touched earlier this Monday. The
Read more »
GBP/USD Forex Signal: Possible Support Near $1.2000A stronger US Dollar and a more dovish Bank of England have sent the price tumbling to near the big round number at $1.2000
Read more »
GBP/USD to suffer a susbtantial drop on a break below 1.1840 – SocGenGBP/USD has formed a potential double top after failing to cross 1.2450. Economists at Société Générale expect to see a down move towards 1.1840, with
Read more »